How the ban on crypto advertising on Facebook will help the industry

Ban on crypto advertising on Facebook

On Tuesday, January 30, Facebook announced a new policy that prohibits advertising of cryptocurrency and ICO. “We want people to continue to learn about new products and services through advertising on Facebook without fear of a scam or deception,” said Rob Leathern director of product management at Facebook. “This measure is part of Facebook’s evolving policy and is directed against potentially fraudulent activities on the site.” “.

Kyle Forkey, a consultant for crypto startups and founder of Ethmint blockchain consulting group, believes that the Facebook solution will help stabilize the crypto-area, whose reputation is currently undermined by the market decline and the activation of scammers: “This will be beneficial for the average investor and indirectly is favorable for the crypto-sphere as a whole, – said Kyle Forkey edition Inverse. “The more scamers we wash, the better the ecosystem works.”

The introduced ban will secure, in particular, for novice investors, whom such advertising encouraged to thinklessly invest. Kyle Forkey is confident that the legal business will not suffer from the innovations of Facebook: “Most of the funds raised during the ICO are attracted through partnerships.”

Cryptosociety on Twitter shares this view:

Facebook Ads isn’t the best place to be talking about your crypto anyways. Its all about building a brand, community, content marketing, inbound and organically growing. For those that wanted to brute force attention and burn money, I guess it was a viable channel.

Crypto getting hit as Facebook bans ads for bitcoin. It is good facebook wont allow these scam ads on the platform. Its bad for bitcoin to have so many scamsters.

However, some have already found workarounds for publishing prohibited content. On Saturday, Matt Suiche, the founder of the cyber security company Comae Technologies, shared a screenshot of the advertisement, which posted information about bitcoin using typos: the lowercase English L instead of i, and the “zero” instead of the letter O in the word “bitcoin” – “BlTC0IN”. Other offenders put “zero” instead of the letter “o” when writing the word “ICO”.

Spirker Facebook reported in an e-mail to Motherboard that the company is investigating such cases.